TIDMPCF
RNS Number : 8855X
PCF Group PLC
10 January 2022
10(th) January 2022
PCF Group plc
("PCF", the "Bank" or the "Group")
Board Changes
As announced on the 23 December 2021, the board of directors
(the Board) has been focused on a search process to identify
candidates for the roles of a new Chairperson as part of planned
board succession and a Senior Independent Director (SID).
This process is now complete, and the Board is pleased to
announce the appointment of Simon Moore and Mark Sismey-Durrant as
non-executive directors to the Board with effect from 9 January
2022.
Subject to regulatory approvals, Simon Moore will take up the
role of the Chair of the Board and Board Nominations Committee and
Mark Sismey-Durrant will take up the role of Senior Independent
Director and Interim -Chair of the Board Risk Committee.
Simon Moore has extensive regulatory and financial services
experience in consumer, SME, and corporate banking together with
regulatory and general financial services experience from his roles
in Cambridge & Counties Bank, Barclays Bank and Chase Manhattan
Bank. In addition, he was a member of the management board of the
Confederation of British Industry (CBI). He is currently the Chair
of Cambridge & Counties Bank and RCI Bank UK.
Mark Sismey-Durrant has over 40 years' experience in banking
with a particular focus on specialist challenger banking, having
been CEO of three such banks over a period spanning 23 years - Sun
Bank Plc, Heritable Bank Plc and, most recently, Hampshire Trust
Bank. He is currently also Chair of fintech Cashplus Bank.
Garry Stran, Interim Chief Executive Officer, commenting on the
changes said "I would like to welcome Simon and Mark to the Board
who I know will bring a new perspective and fresh ideas as we
complete the resolution of historical issues and develop the future
strategy for the Group'.
"Both Simon and Mark's experiences within the banking sector
will prove invaluable to the Board as we look forward to the
exciting challenges and opportunities for PCF Bank in 2022 and
beyond".
Following the implementation of these appointments, as
previously announced, Tim Franklin will step down as a director and
Chairperson (and in any event will do so by 31 January 2022) at
which time the Board will then comprise the following
Directors:
Simon Moore, Independent Non- executive / Chair designate
Mark Sismey-Durrant, Independent Non-executive / Senior
Independent Director designate
Mark Brown, Non-executive
Christine Higgins, Independent Non-executive
David Morgan, Non-executive
David Titmuss, Independent Non-executive
Garry Stran, Interim Chief Executive Officer
Caroline Richardson, Chief Financial Officer
PCF's shares remain suspended from trading.
Additional Information
Mark Sismey-Durrant
In accordance with Schedule 2(g) of the AIM Rules, Mark
Sismey-Durrant, aged 62, holds or has held in the past 5 years the
following directorships:
Current directorships/partnerships Directorships/partnerships
within the last 5 years
Yourban AG Oblix Group Ltd
Yourcom AG Orchard Funding Group Plc
Manor Barns Management Limited UK Finance Ltd
Advanced Payment Solutions Loughborough University Development
Ltd Trust
Bedford School Foundation MSD Financial Consulting Ltd
Brookburn Ltd Loughborough University
Worshipful Company of International Hampshire Trust Bank Plc
Bankers
Kirknewton Educational Trust Hampshire Bank Ltd
British Bankers Association
The following disclosures are made as required under sections
(v) to (vii) paragraph (g) of Schedule 2 of the AIM Rules for
Companies in connection with Mark Sismey-Durrant's directorship at
Heritable Bank plc:
Mr Sismey-Durrant was appointed as a director of Heritable Bank
plc, a wholly owned subsidiary of Landsbanki Islands hf, from
September 2002 to February 2011. During 2008, Landsbanki was put
into receivership, which forced Heritable Bank plc and its
subsidiaries, namely Heritable Capital Partners Limited, Heritable
Asset Finance Limited, Key Business Finance Corporation plc, and
Key Business Finance Limited into administration. Mr Sismey-Durrant
was also director of Landsbanki Guernsey Limited which was placed
into administration at the same time as the aforementioned
companies.
There is no further information required to be disclosed in
respect of the above appointment pursuant to Rule 17 and Schedule 2
(g) of the AIM Rules for Companies.
Simon Moore
In accordance with Schedule 2(g) of the AIM Rules, Simon Moore,
aged 56, holds or has held in the past 5 years the following
directorships:
Current directorships/partnerships Directorships/partnerships
within the last 5 years
RCI Bank UK Limited Pennant International Group
PLC
Cambridge & Counties Bank Al Rayan Bank PLC
Limited
Simon Moore Associates Ltd Pennant Support & Development
Limited
Wallscourt Foundation
Pennant Software Services
Limited
Pennant International Limited
Pennant EBT Trustee Limited
There is no further information required to be disclosed in
respect of the above appointment pursuant to Rule 17 and Schedule 2
(g) of the AIM Rules for Companies.
End
For further information, please visit https://pcf.bank/ or
contact:
PCF Group (via Tavistock Communications) Tel: +44 (0) 20
Garry Stran, Interim Chief Executive 7920 3150
Officer
Caroline Richardson, Chief Financial
Officer
Tavistock Communications Tel: +44 (0) 20
Simon Hudson / Tim Pearson 7920 3150
Peel Hunt (Nominated Advisor and Joint Tel: +44 (0) 20
Broker) 7418 8900
Andrew Buchanan / Rishi Shah /
Sam Milford
Shore Capital (Joint Broker) Tel: +44 (0) 20
Henry Willcocks / Guy Wiehahn 7408 4080
About PCF Group plc ( www.pcf.bank )
Established in 1994, PCF Group plc is the AIM-quoted parent of
the specialist bank, PCF Bank Limited. Since commencing operations
as a bank in 2017. The Group continues to focus on portfolio
quality and lending to the prime segments of its existing markets.
The Group will continue to identify opportunities to diversify its
lending products and asset classes by setting up new organic
operations or through acquisition.
PCF Bank currently offers retail savings products for
individuals and then deploys those funds through its four lending
divisions:
-- Business asset finance which provides finance for vehicles, plant and equipment to SMEs;
-- Consumer motor finance which provides finance for motor vehicles to consumers;
-- Azule which brokers finance to the broadcast and media industry; and
-- Property bridging finance which provides loans to companies
and sole traders investing in residential and commercial
property.
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END
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January 10, 2022 02:45 ET (07:45 GMT)
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